Thursday, September 29, 2022

WeWork co-founder’s startup is valued at $1 billion before launch

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Flexible office space provider We work co-founder and former CEO Adam Neumann has received approximately $350 million in funding from top investment fund Andreessen Horowitz (a16z) for its upcoming new rental business called Flow.

The investment brings Flow’s valuation to over $1 billion (a unicorn status) and the startup has yet to launch.

“We are excited to partner with Adam Neumann and his colleagues at Flow. Adam is a visionary leader who revolutionized the world’s second largest asset class – commercial real estate – by bringing community and brand to an industry where neither existed before,” Marc Andreessen said in a blog post late Monday.

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“We think it’s normal for Adam to return to the theme of connecting people by transforming their physical spaces and building communities where people spend the most time: their homes for his first venture since WeWork,” he added. up.

In May, a16z invested $70 million in Neumann’s Blockchain-based carbon credit platform called Flowcarbon.

“We understand how difficult it is to build something like this and we love to see founders build on past successes by growing from lessons learned,” Andreessen said.

It is still clear today how Flow intends to revolutionize the housing sector.

“Flow currently has a bare-bones website, with the tagline ‘Live life in flow’ and two words stating it will be launched in 2023,” CNN reports.

Once valued at $47 billion at its peak, WeWork went through a disastrous phase to go public.

Neumann was fired from his position as CEO at WeWork, with an exit package running into hundreds of millions of dollars.


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